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Energy Services Company Surges 30% During Tuesday Trading

Streetwise Reports
0 Comments|June 5, 2019

Basic Energy Services Inc. saw its stock price jump more than 30% following the announcement of a share buyback program.
 


In a press release issued May 31, 2019, Basic Energy Services Inc. (BAS:NYSE) outlined a share buyback program in which, "its board of directors has authorized the repurchase of up to $5 million of its outstanding shares of common stock from time to time in open market or private transactions, at the company's discretion."

Investors responded favorably to the news, increasing the company's share price as much as 30% during trading on Tuesday, June 4.

Authorization for the program expires on June 4, 2020, and "the timing and actual number of shares repurchased will depend on a variety of factors including the stock price, corporate and regulatory requirements and other market and economic conditions. The stock repurchase program may be suspended or discontinued as determined by the board of directors."

The company, which provides well site services for oil and gas producers in 10 states throughout the U.S., expects year-end cash balance to be approximately $55–$60 million and total liquidity of approximately $130–$135 million in the event the current repurchase authorization is fully utilized by December 31, 2019.

Basic Energy Services Inc.'s shares closed at $2.59 on Tuesday, June 4, up $0.60.


Disclosure:
1) Kevin Jaillet compiled this article for Streetwise Reports LLC and is an employee of Streetwise Reports. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

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